Australia: The Karim family has bought Quest Woolloongabba.
One of the richest Indonesian families has bought the property for $43.8 million from Pellicano group. The property was sold by McVay Real Estate to the family’s Singapore based real estate investment company Invictus Developments.
The property is an apartment hotel comprising of 132 keys and four retail stores on the ground floor. The property benefits from a strong 12-year WALE by income, with 94 per cent generated by a lease to Quest.
Chayadi Karim, the lead of Invictus Developments, said: “In line with our investment target in Australia, we are delighted to add Quest Woolloongabba to our hotel portfolio in Australia. The hotel has an excellent growth story stemming from the 2032 Brisbane Olympics and its associated infrastructure drive and is underpinned by a quality tenant in Quest.”
Sam McVay of McVay Real Estate, who negotiated this off-market sale said: “Hotel investment volumes topped $2Billion in the last 12 months and we’re seeing record levels of Buyer demand for Australian Hotels.”
This deal comes three months after Invictus Developments bought the Harbour Rocks hotel in The Rocks, Sydney for about $40 million.
